2021 Vol. 36, No. 1

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Fiscal and Public Administration
On the Fiscal Risk in Proactive Fiscal Policy: Analyses Under the Impact of the New Crown Pneumonia Epidemic
YU Hai-feng, GE Li-yu
2021, 36(1): 4-14.
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In order to withstand the economic and social impact of the new crown pneumonia epidemic, the Chinese government has introduced a new round of proactive fiscal policies. However, this round of positive fiscal policy is issued under the condition that the financial risk has been at a high level. The internal and external sources of fiscal risk include the widening of income and expenditure gap, the expansion of debt scale, the slowdown of economic growth, and the distortion of market system actually limit the possible deficit expansion boundary of proactive fiscal policy. The new round of proactive fiscal policy should strictly follow the principle of risk prudence. In the implementation of expansionary fiscal policy, close attention should be paid to the trend of potential fiscal risk to prevent fiscal risk from exceeding the critical point. In order to effectively achieve the expected goal of active fiscal policy, it is suggested to analyze and clarify the endogenous and exogenous sources of fiscal risk from the perspective of risk governance. The general principle is to implement precise policies, joint prevention and governance. The endogenous sources of fiscal risks can be resolved by improving the tax system, further budget performance reforms, clearing local hidden debts, and ensuring people's livelihood and employment. The exogenous sources of fiscal risks can be resolved by adopting measures such as expanding investment in "new infrastructure" and promoting the system reform of the factor marketization to ultimately promote the return of fiscal risks to normal levels.
Economic Catching-up, Public Expenditure Bias and Urban-rural Public Services Gap
WANG Sheng-hua
2021, 36(1): 15-24, 84.
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Through constructing a theoretical model for interpreting the impact of government expenditure bias on the gap between urban and rural public services, it is aimed to explore the transmission path and influence mechanism of public expenditure decision-making on the unbalanced development of urban and rural public services under the background of economic catch-up, reconstruct and measure the equalization index of urban and rural public services based on the two dimensions of productive public services and consumptive public services, to make empirical test under the research hypothesis with the provincial panel data from 2000 to 2017. The results show that, the gap between urban and rural public services is gradually expanding, and the gap of consumer public services between urban and rural areas is larger than that of productive public services; the economic catch-up behavior of backward provinces makes local governments prefer productive expenditure, while increasing productive government expenditure will lead to the expansion of urban-rural public service gap. Therefore, the government should change the evaluation mechanism, improve the financial management system below the provincial level, reasonably divide the powers and expenditure responsibilities between the central and local governments, innovate the supply mechanism of rural public goods, and build an effective path to realize the balanced development of urban and rural public services.
Will Regional Preferential Policies Reduce Local Tax Effort: Evidence from the Western Development
YU Jing-yuan
2021, 36(1): 25-36.
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Based on the quasi-natural experiment of the West Development, this paper employs difference-in-difference method to examine the tax incentive effect of regional policies. It is found that the Western Development in China has reduced local tax efforts by 11.32% in the western regions after the implementation of the policy, and the effects are significant in the first year and the second year; moreover, tax efforts are less in provincial capital cities and more developed regions, and in high transfer dependency areas, but not obvious in areas with low transfer dependency areas. The above may be the key factor causing the internal financial gap of the region. Mechanism analysis shows the West Development lead to increasing transfer dependency and fiscal imbalances of the local governments, exacerbating the fiscal bias of "investment over livelihood", and reducing its local tax collection and management efforts in cultivating local tax base.
Economic Theory and Exploration
The Effect of Industrial Policy on Financialization of Real Firms: Evidence from China's A-share Listed Companies
LIU Wei-tao, YANG Xia, LIU Wei
2021, 36(1): 37-49.
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Macroeconomic policies have a non-negligible guiding effect on the behavior of micro-enterprise. Based on the industrial policy information from the Tenth Five-Year Plan to the Thirteenth Five-Year Plan and the microscopic data of China's A-share listed companies, this paper empirically tests the impact of industrial policies on the financialization of real firms. The results show that industrial policies generally inhibit the financialization of real firms, and the effect increases with the improvement of product market competition; compared with private enterprises, the inhibitory effect of industrial policies on the financialization of real firms is stronger in state-owned enterprises; further examination of the influence mechanism shows that industrial policy mainly restrains the financialization of entity companies by optimizing the investment environment of companies and relieving the financing constraints of companies. Therefore, it is suggested to adhere to the general direction driven by industrial policies, implement the strategy of driving industrial development with innovation, standardize the investment behavior of enterprises, and adhere to the "combination of fictitious and and real economy" in order to enhance the overall vitality of China's economic operation.
The Regional Innovation Effect and Mechanism of Capital Matching: From the Perspective of Cultivating Innovation Ability
ZHONG Wen, ZHONG Chang-biao, ZHENG Ming-gui
2021, 36(1): 50-60.
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Regional innovation is not only influenced by the quantity of capital accumulation, but also restricted by the quality of capital matching. On the basis of expanding the MRW model, the existence of the optimal match of "physical capital-human capital-social capital" and the relationship between innovation and output are analyzed theoretically; the analytical framework of the impact of capital matching on regional innovation ability is constructed from the perspective of innovation cultivation and the empirical test is carried out by using provincial panel data in China. The results show that the matching of capital will affect the cultivation of innovation ability, which will affect the improvement of regional innovation ability, and when physical capital, human capital and social capital are in the optimal proportion, the effectiveness of regional innovation will be maximized; the degree of capital matching coordination is positively proportional to the level of economic development, and the degree of capital matching coordination in China is generally on the rise, but with obvious regional differences that the degree in the eastern coastal regions is higher than the inland region, but the degree in the central region has a higher effect on the improvement of regional innovation ability than the eastern and western regions; capital matching achieves the greatest degree of explanation of regional innovation ability improvement through organizational innovation effect, second to regional innovation ability improvement through technological innovation effect, and the least degree of interpretation of regional innovation ability improvement through industrial innovation effect. The conclusion of this study is of great practical significance to exert the spillover effect of capital quality and the effect of technological progress and promote regional innovation and development.
Enterprise and Business Economy
The Exploration of the Three-Stage Dynamic Mechanisms for Innovation of Enterprise Business Model in IoM Era
MA Zi-cheng, LIU Heng, ZHANG Jian-qi
2021, 36(1): 61-72.
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In the context of Internet of minds (IoM) era, intelligent interaction contributes to the development of stage- and comprehensiveness-oriented characteristics of the value co-creation between enterprises and consumers, providing new opportunities for enterprise innovation. How to effectively capture and utilize complementary and heterogeneous resources owned by consumers has become both challenge and opportunity for business model innovation. Based on dynamic capability theory, this study summarizes the mechanism of enterprise business model innovation under IoM era. The findings indicate that value co-creation activities in IoM era might go through three different stages: enterprise-led, enterprise-consumer balanced, and consumer-led, forming "intelligent identification capability", "intelligent collaboration capability", and "intelligent integration capability" respectively which contribute to the development of "perceptual prediction", "scene customization", and "linking ecology" business model innovation. Based on the perspective of dynamic capabilities, this research takes the lead in identifying three typical manifestations of dynamic capabilities and innovative ways of business models under IoM era, which provide an important theoretical and practical implications for the understanding of new business model innovation and its dynamic mechanism under IoM era.
The Complementary Effect of Service Transition and Product Innovation on the High-quality Development of Manufacturing Enterprises
HUO Chun-hui, LV Meng-xiao, GONG Ying-mei
2021, 36(1): 73-84.
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Taking A-share manufacturing listed companies from 2013 to 2018 as a sample, this paper, with composition-based view theory, explores the complementary effect of service transition and product innovation on the high-quality development of manufacturing enterprises. It is found that customer-oriented service transition and radical innovation have significant complementary effects on the high-quality development of manufacturing enterprises, while the complementary effect of product-oriented service transition and incremental innovation on the high-quality development of manufacturing enterprises is not significant. From the dynamic perspective of enterprise growth, it is found that the implementation of customer-oriented service transition and radical innovation in manufacturing enterprises in their growth, maturity and recession can drive the high-quality development of enterprises; in the phase of elimination manufacturing enterprises to implement the product-oriented service transition and incremental innovation of the compound strategy is more conducive to improving the quality of enterprise development. The findings of this study have implications for solving the strategic choices of service transition and product innovation in manufacturing enterprises and driving enterprises to realize high-quality development.
Finance and Capital Markets
Does Green Credit Improve M & A Performance of Heavy Pollution Enterprises: Empirical Evidence from Chinese Listed Companies
WANG Jian-xin, WANG Tao, LONG Ming
2021, 36(1): 85-97.
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It is an important means for the country to promote the development of green, low-carbon and circular economy to guide heavy pollution enterprises to transform backward production capacity through merger and acquisition and realize the green upgrading of the industry. Based on the implementation of "green credit guidelines" in 2012, this paper uses the double difference model to construct a quasi natural experiment to test the impact of green credit policy on the M & A performance of heavy polluting enterprises. The results show that green credit policy significantly reduces the M & A performance of heavily polluting enterprises; the negative impact is more significant in areas with good legal environment. The results of mechanism test show that, subject to the regulation of green credit policy, its impact on M & A performance of heavy polluting enterprises mainly is made through the impact of credit scale contraction and financing cost. The above findings not only provide a further understanding of the "discount view" of M & A from the perspective of resource allocation, but also provide an important reference for the evaluation of the implementation effect of green credit policy in China.
Employee Stock Ownership Plans and Financing Constraints: Mediation Effect Analysis Based on Internal Control Quality
HUA Bing, QIAO Xiao-long
2021, 36(1): 98-112.
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As a collective incentive policy within enterprises, ESOP not only optimizes the allocation of corporate property rights, but also has an important impact on the financing ability of enterprises. Based on the sample of A-share listed companies from 2011 to 2018, this paper explores the impact and mechanism of ESOP on corporate financing constraints. It is found that the ESOP alleviates the financing constraints of enterprises by reducing external financing costs, which is more significant for enterprises in eastern China and private enterprises; the employee stock ownership plan improves the quality of enterprise internal control by enhancing employee identity and alleviating agency problems at the employee level; the quality of internal control plays a partial intermediary role between the employee stock ownership plan and financing constraints; due to the "supervision effect" among employees and the "announcement effect" of ESOP, ESOP has no "free rider" behavior in improving the quality of internal control and "1/N" effect in easing financing constraints. The results of this study provide guidance for further reform of employee stock ownership plan and enhancing internal competitiveness in the new era.

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